Garmin -6.2%; guidance hiked, foreign cash to be repatriated

With a big Q2 beat on the books, Garmin (NASDAQ:GRMN) now expects 2014 revenue of $2.75B-$2.85B and EPS of $2.95-$3.05, above prior guidance of $2.6B-$2.7B and $2.50-$2.60; consensus is at $2.71B and $2.77.

The company also says it will repatriate cash by moving "certain US subsidiaries out from under our Taiwanese subsidiary." Garmin will make $300M in related tax payments over the next year, and declares the action will allow it to "fund dividends, share repurchases, and acquisitions."